Looking for the cheapest price for the Trezor One? Click the button below to buy on Amazon.
Recap – What is a Hardware Wallet and Why Do You Need One?
Choosing how you store your cryptocurrency is a very important decision. You must consider all factors, such as convenience, security and control. Unlike traditional fiat money, which is most likely stored in a bank account, you can have 100% control over your cryptocurrency and will be responsible if any funds are lost. Keeping your cryptocurrency stored on your computer or phone with a software wallet is very risky, especially if you have a substantial amount. You risk hardware failure or hacking. If someone gains access to your computer, they can steal your private keys very easily, and therefore steal your funds. Keeping your cryptocurrency stored on an exchange or web wallet can reduce the risk of hacking and hardware failure, but then you are not in control of your money and must trust that the exchange will always be willing to send you your money when you request it.
Hardware wallets all follow the same core principles. You can retain 100% control over your funds, while having the best security possible, without sacrificing too much convenience. This is achieved firstly by having a strong backup solution, and secondly by storing the private keys on the device without ever exposing them to any other device. The keys stay encrypted on the device (usually behind a PIN), and if you plug your hardware wallet into a computer, all of the functions are still performed on the device, without sending any sensitive information to the computer. If the hardware wallet is lost, you can restore your funds with the written paper backup that is made when you first setup your device.
If you have over 5x the cost of a hardware wallet invested into cryptocurrency, it is recommended to secure the majority of your funds with a hardware wallet. So for example, if a hardware wallet costs 500 invested into cryptocurrencies, get a hardware wallet!
About Satoshi Labs (The Company)
Satoshi Labs is the company that makes the trezor wallet. They were founded in 2013 and were the first company ever to make a hardware wallet for consumers. Satoshi Labs also owns coinmap.org and is affiliated with slush pool, as they have the same founder.
The price from the official website has recently been reduced to 69 Euros. With VAT added and converted to USD, this comes out to roughly $100. If you want to get a better deal, I would recommend buying from Amazon, but make sure you buy new from a reputable store. Never buy from eBay or directly from other people as it is possible that they have tampered with the device.
Design & Appearance
The Trezor One has a very simple design. There is a small black and white screen with two buttons underneath for performing actions. It comes in two basic colors: black or white.
- Trezor One Hardware Wallet
- 2 Recovery Sheets
- 4 Trezor Stickers
- Small Micro-USB Cable
- Small Strap
The Trezor One has a small screen which can display multiple lines of text at a time, and two buttons underneath meant for confirming or denying actions. The screen is mostly used for displaying information about the action you are confirming such as addresses, fees, and amount sent, but it is also used for other things such as displaying the numbers for your PIN code in a random order. The right button is always for confirming an action and the left button is for denying the action.
When you first open your Trezor One, plug it into your computer with the provided USB cable in order to power it on. After that, open your internet browser (Chrome or Firefox) and go to wallet.trezor.io in order to configure your device. You may have to download software called the "trezor bridge" in order to allow your computer to connect to the trezor.
After your device is successfully connected to the trezor wallet website, you will see two buttons: "Create New" and "Restore Wallet". Click on Create New in order to create a new wallet. After this, you will have to immdediately create a backup. Click on "Create a Backup", and then the Trezor will generate 24 words in a unique order and show them to you on the device. Cycle through the words with the device buttons, and write down the words in the correct order on one of your recovery sheets. The trezor will cycle the all of the words a second time in order to confirm that you have written them down successfully.
During the next steps, you will create a name for your wallet and then create a PIN. The screen will display the numbers 1-9 in a randomized order, and you can use your computer screen to choose a PIN code by clicking the buttons in the same placement as the trezor shows. This is so that if anyone has access to your computer, they will never find out your PIN code because the trezor randomized the numbers in a different order each time. After this, your trezor is all set up!
You can now use your trezor to send, recieve and store funds from multiple cryptocurrencies. The trezor is compatible with many different wallets, such as myetherwallet, electrum, mycelium. For the easiest way to use the trezor, you can continue to use the trezor.io website.
To change which cryptocurreny you are using, simply click the drop down in the top left corner of the website.
Click here to see a full and up to date list of the coins that are supported.
- A+ Security
- Simple design
- Certain popular coins not yet supported.